銘柄情報

Star Asia Investment Corporation

Sponsored by the Star Asia Group, which is well known for providing institutional investors in the United States and elsewhere with opportunities to invest in real estate related assets, mainly in Japan. Against the background of the investment strategy of the sponsor group and by entrusting its management to Star Asia Investment Management, LLC., which is staffed by personnel with an enviable range of experience and achievements in the real-estate finance market, it aims to maximize the profits of investors through the construction of a portfolio capable of achieving revenue "stability" and "growth" at the same time as a diversified REIT investing in offices, commercial facilities, rental housing, logistics facilities, and hotels.(Excerpt from the website of Star Asia Investment Corporation)

  • Unit Price and Trading Volume 拡大

  • Unit Yield, Sector Average and Overall Average 拡大

2022/03/16Update

投資指標の計算式について

Investment amount per unit

Unitholders' capital / Number of investment units authorized

NAV per unit

((Unitholders' capital + Investment surplus) + (Portforio assets appraisal value - ortfolio assets book value) / Number of investment units authorized

P/NAV

Investment unit price / NAV per unit

FFO per unit

(Net income + depreciation + profit and loss on real estate) / Number of investment units authorized

P/FFO

Investment unit price / FFO per unit

NOI

Rental business income + depreciation

NOI yield

NOI / Portfolio assets book value

Implied cap rate

NOI / (Market capitalization + (Interest-bearing liabilities - cash on hand and in bank) + Security and guarantee deposits received

Market capitalization

Investment unit price * Number of investment units authorized

LTV

Interest-bearing liabilities / Total assets

DSCR

NOI / (Interest-bearing liabilities at end of previous period - Interest-bearing liabilities at end of current period + current interest expense)

EV / EBITDA

Market capitalization + (Interest-bearing liabilities - cash on hand and in bank) / NOI

Ratio of long-term fixed interest rate

Long-term fixed interest / Interest-bearing liabilities

Corporate Data

Investment Corporation Name Star Asia Investment Corporation
Abbreviation SAR
Securities code 3468(JPX)
Listing date 2016/04/20
Time elapsed 6.20 year
Closing months January / July
URL http://starasia-reit.com/
Unitholders' capital 59,116Million JPY
Number of investment units authorized 1,789,389Unit
Investment amount per unit 33,037JPY
Rating R&I:A- / JCR:A 
Type of assets under management Offices:40.5% Residential:21.0% Logistics Facirities:16.9% Hotels:11.4% Retail:10.2%
Management target regions
5 Central Wards:31.3% Other Tokyo area:41.0% Others:27.0%
Number of investment properties 60
Number of tenants 1772
Total leasable floor space 435,896.19㎡

Investment Index Information

NAV per Unit 61,287JPY
Unit Price / NAV per Unit 1.00
FFO per Unit 1,826JPY
Unit Price / FFO per Unit 33.62
NOI Yield 3.66%
Implied Cap Rate 3.27%
Market capitalization 109,868Million JPY
Acquisition book value 166,710Million JPY
Term-end book value 179,798Million JPY
Appraisal value 193,604Million JPY
Interest-bearing liabilities 89,640Million JPY
LTV 46.37%
EV / EBITDA 28.57
Average maturity of borrowings 2.3year
Ratio of long-term fixed interest rate
Average occupancy rate 96.7%
Average age of buildings 24.51year

Investment Management Policies

  • Assures revenue "stability" and "growth" by preferentially concentrating its investments in the Tokyo Area, currently keeping the ratio of investment in the area at no less than 70% of the portfolio (based on acquisition price).
  • Makes diversified investments in offices, commercial facilities, rental housing, logistics facilities, and hotels, ensuring type diversification and pursuing both revenue "stability" and "growth" in the portfolio.
  • By investing mainly in good-quality mid-size assets, which have a relatively higher liquidity than large-size assets, it aims to minimize the impact of the eviction of tenants from properties and rent decreases on the portfolio revenue.
  • From the perspective of accelerating the expansion of the scale of the assets, investment is limited to five wards in central Tokyo, in which large-size assets are carefully selected and acquired.(Excerpt from the website of Star Asia Investment Corporation)

Other Related Corporations

Asset Manager Star Asia Investment Management Co., Ltd.
Update 2022/03/16 Capital 100Million JPY
Major Shareholders 100% Star Asia Asset Management LLC. Other Shareholders

Account Settlement InformationFY2022-1(Million JPY)

10th 11th 12th
(most recent)
13th forecast 14th forcast
Revised Date Revised Date
Operating revenue 6,672 5,560 5,960 5,923 5,995
Operating income 3,376 2,838 3,087 2,992 3,031
Ordinary income 2,911 2,407 2,517 2,500 2,552
Net income 11,801 2,407 2,516 2,499 2,552
Short-term borrowings 24,810 4,600 15,350
Long-term borrowings 57,630 56,840 73,290
Investment corporation bonds 1,000
Total assets 179,789 179,170 193,316
Net assets 89,600 89,179 95,753
Distribution per unit 1,676
JPY/per Unit
1,462
JPY/per Unit
1,478
JPY/per Unit
1,476
JPY/per Unit
1,476
JPY/per Unit

Other Affiliated Companies

Asset custodian Sumitomo Mitsui Trust Bank, Limited Accounting auditor Ernst & Young ShinNihon LLC
Accounting services Sumitomo Mitsui Trust Bank, Limited Unitholders registry administrator Sumitomo Mitsui Trust Bank, Limited
Tax administration services Sumitomo Mitsui Trust Bank, Limited Investment corporation bond administrator
PAGE TOP
* This site has been created merely to provide information to investors, and not to solicit any person to make an investment with us.
* This site has been created using information that we have judged to be reliable, but we shall not guarantee its accuracy and/or integrity.
Note also that the information contained on this site is subject to change or deletion without prior notice.
* Numeric values, graphs, and other information contained on this site are based on past performance and situations, and do not constitute a suggestion or guarantee of any future market environments, investment performance, or so on.
We do not take fees, taxes, or other charges into consideration, and do not indicate any substantial investment performance.
* We shall not accept any responsibility for any damages, whether they be direct or indirect, that may be incurred as a result of the information contained on this site.
* Copyrights and other intellectual property rights to the information contained on this site shall, in principle, belong to us. No information contained on this site may be transferred or reproduced in any way without our consent.